• 2 hours Chinese Police Bust Largest Ever Illicit Crypto Mining Operation
  • 5 hours Expect A Pullback Before Gold's Next Major Rally
  • 7 hours Why Interest On Gold Matters
  • 23 hours Ten Extravagant Food Items For The Wealthy Only
  • 1 day Why Saudi Arabia Won't Give Up On The Aramco IPO
  • 2 days $32 Million Crypto Heist Halts Tokyo Exchange
  • 2 days Is A Gold Selloff Looming?
  • 3 days Central Banks Are Stashing Gold And Dumping Treasuries
  • 3 days Three Cannabis Trends Flying Under Investors’ Radars
  • 4 days $1.3 Billion In Cocaine Found On JPMorgan Vessel
  • 4 days Amazon Teams Up With Lady Gaga To Win Over Generation Z
  • 4 days Dollar Falls As Powell Teases Rate Cuts
  • 4 days Will The World's First Trillion Dollar Company Ever Bounce Back?
  • 5 days Many Americans Will Never Stop Working
  • 5 days Mozilla vs DarkMatter: The Cyber Espionage End Game
  • 5 days Chile Cracks Down On Environmental Infractions
  • 5 days Warning Signs Emerge For Boeing
  • 6 days First Amendment Stands Strong In Trump vs. Twitter Showdown
  • 6 days Musk Bullish On Tesla Despite Executive Exodus
  • 6 days Virgin Galactic Announces Plans To Go Public
Billionaires Are Pushing Art To New Limits

Billionaires Are Pushing Art To New Limits

Welcome to Art Basel: The…

The Problem With Modern Monetary Theory

The Problem With Modern Monetary Theory

Modern monetary theory has been…

  1. Home
  2. Markets
  3. Other

Crude Oil: More Weakness In Sight

Crude oil has turned up in September when price broke out of a triangle placed in wave (b) so wave (c) was final with wave 4 pullback that reached 50.50 resistance from where sell-off occurred in October. As such, we suspect that WTI made a new swing now that will send price down into wave 5 back to 37.70. Broken corrective channel also suggests more weakness ahead,but after wave (ii) is complete.

Crude OIL, Daily

Crude Oil Daily Chart

Crude Oil bounced sharply in the last few days, but so far only with three waves that made a reversal down yesterday from around trend line resistance and 61.8% Fibonacci level. That was ideal zone for a weakness, so ideally crude accomplished rally from 42.64 and that new weakness is now udnerway. If we are correct, then price will break beneath October lows.

Crude OIL, 4H

Crude Oil 4-Hour Chart

 


If you like our trading analysis, you can visit our website at --> www.ew-forecast.com

 

Back to homepage

Leave a comment

Leave a comment